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Thread: Business loan account

  1. #1
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    Business loan account

    Just a question, I don't want to do business anymore, have a small CC, there is no liabilities, only a debit loan account.
    What is the best to do with the loan account as I cannot repay it at this moment?

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    If there is a debit loan account and no liabilities, is the credit retained income?

    You should ask the accounting officer, but a dividend from retained income can wiping it out.

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